Yes, there is a significant update! The SEC approved a rule change on May 23, 2024, paving the way for the creation of ETFs that directly hold Ethereum (ETH), the second-largest cryptocurrency by market capitalization [CNBC]. This is a major development for the crypto industry, following the SEC's approval of Bitcoin ETFs earlier this year.

Here's a quick breakdown of the news:

Approval Granted: The SEC approved a rule change that allows for spot Ethereum ETFs. [multiple sources]

Impact: This is expected to increase institutional investment in Ethereum and potentially lead to a price surge. [FXStreet]

Next Steps: While the rule change paves the way, individual ETF applications (S-1 registration statements) still need approval, which is generally considered a formality. [ETF.com]